compliance

Credit Unions expend tremendous resources on regulatory and compliance issues. Your League serves as a conduit for compliance information and is available to answer questions on day-to-day credit union operational issues. Together with the Credit Union National Association, we can offer comprehensive assistance to help ensure credit unions stay abreast of regulatory and compliance issues.

Accessing Secure Web Pages on the League Web Site:

Many of our compliance resources require a login and password. Learn how to access secure pages here: http://www.vacul.org/using_our_website.php

Contact Compliance/Regulatory Affairs Staff

• Nathan Bowden - Director of Compliance & Regulatory Affairs

          800.768.3344, ext. 609 or e-mail

recently Posted/updated

• Operations Manual Release No. 275 | September 2011

          FTC Mortgage Acts & Practices – Advertising Rule

• Compliance Frequently Asked Questions (FAQs) | September 2011

          FYI - Fed issues Reg B final rule regarding data collection compliance requirements for motor

          vehicle dealers, Employee Preferential Rates, Disclosures for, Regulation Z 14 – Day Rule

      …Can’t Meet the Compliance Deadline…..What Do I Do?

• Compliance Frequently Asked Questions (FAQs) | August 2011

          Regulation Z – Periodic Statements – Relationship Between 14-Day Rule and 21-Day Rule, 

          Regulation Z – Periodic Statements – Grace Periods and Courtesy Periods,

          Regulation Z – Periodic Statements – The Legal “Due Date” Is Not Always The Reference

          Point, and Regulation Z – Periodic Statements – Loans with Weekly and Biweekly Payments

• Compliance Frequently Asked Questions (FAQs) | July 2011
  (Nationwide Mortgage Licensing System & Registry "NMLS" Deadline to Register; IRS Reporting 1099-C/Discharge of Indebtedness – Multiple Borrowers; and Virginia Lottery Accounts)
• Operations Manual Release 274 | August 2011
  (Amendments to Regulation V Risk-Based Pricing Notices and Regulation B Adverse Action Notices)
• Compliance Frequently Asked Questions (FAQs) | June 2011
  (Change-In-Terms Notice – Increasing APR on Credit Cards; Credit CARD Act – Six Month Review; Suspicious Activity Report (SAR) – Report Dollar Amount; Writ of Fieri Facias)
• Operations Manual Release 273 | July 2011
  (NCUA Final Rule Regarding Share Insurance for Noninterest-Bearing Transaction Accounts)

 

Key Resources from your league

• CU PolicyPro
  (Your one-stop shop for more than 200 policies to help your credit union manage today's ongoing compliance and operational challenges)
• COMPLIANCE CALENDAR WITH RESOURCES (Revision in process)
• Compliance Frequently Asked Questions (FAQs)
• Operations Manual
• Bank Secrecy Act Resources
• FACT Act Resources
• Compliance FORMS and Sample Policies
• State Charter Credit Union Bylaws (learn more)
  • (pdf version) (pdf, 68kb)
  • (Microsoft Word version) (Word, 100kb)
• Share Account Administration Manual
• Quick Reference Guide on Ad/Marketing Compliance (Coming Soon Revision in Process)
• Law Resources
• On-site Compliance Training for Credit Unions
• Comment Letters
  

Other Resources

• CUNA's Compliance Homepage
  (National trade association for credit unions)
• National Credit Union Administration
  (Regulator for federally-chartered credit unions)
• Virginia Bureau of Financial Institutions
  (Regulator for Virginia's state-chartered credit unions)
• Downloadable Logos

Education

• Click here to schedule Compliance Training for your credit union
• Click here to schedule a BSA Independent Test of your credit union

Networking

• League's Credit Union Compliance Group - Receive e-mail bulletins on the latest compliance topics
• COBWEB (CUNA's Compliance listserv) (CUNA password required)

Guidance

• Privacy Regulation - Opt Out Requirements and Exceptions
• Sample Privacy Notice
• Finance Charge Chart - What is considered a finance charge (Reg. Z)
• Complying with New Health Plan Rules: Where to Start

human resources compliance

• "Mortgage Loan Officers - Can They Be "Exempt" and How to Pay Them if They Are Not" - by Tom Winn and Dan Summerlin of Woods Rogers, PLC
• "Mortgage Loan Officers May No Longer Qualify for Exemption under FLSA" - by Tom Winn and Dan Summerlin of Woods Rogers, PLC
• HR Hotline 800-552-4529 - Contact Tom Winn or Dan Summerlin at Woods Rogers, PLC for dues paid advice on Human Resources issues within your credit union.